Bullish Bitcoin approaches some resistance
Updated
As we have recently seen
BTCUSD turn bullish, it appears to be approaching a small level of resistance.
I have drawn out 2 levels of resistance/support in the pink boxes
What I am expecting to happen is for price to struggle to break the 1st box, then find support on top of the box. From here I expect price to consolidate between the 2 pink boxes before it moves on. I expectBTCUSD to remain bullish for the overall view
I have drawn 2 sets of lines once entering between the 2 pink boxes. These are 2 possible scenarios as I'm not sure what will happen onceBTCUSD breaks past the 1st pink box
BTCUSD has recently broken past the 200 EMA on the Daily chart resulting in a strong bullish push. I do not expect anything to hinder this push except for some small levels of correction in the market as it breathes.
This trade is for educational purposes only, and not a recommendation to take this trade based on my charting. I hope you get something out of this analysis :)
BTCUSD turn bullish, it appears to be approaching a small level of resistance.I have drawn out 2 levels of resistance/support in the pink boxes
What I am expecting to happen is for price to struggle to break the 1st box, then find support on top of the box. From here I expect price to consolidate between the 2 pink boxes before it moves on. I expect
BTCUSD to remain bullish for the overall viewI have drawn 2 sets of lines once entering between the 2 pink boxes. These are 2 possible scenarios as I'm not sure what will happen once
BTCUSD breaks past the 1st pink boxBTCUSD has recently broken past the 200 EMA on the Daily chart resulting in a strong bullish push. I do not expect anything to hinder this push except for some small levels of correction in the market as it breathes.This trade is for educational purposes only, and not a recommendation to take this trade based on my charting. I hope you get something out of this analysis :)
Note
If you are in this trade, be aware of the level of resistance we are approaching.
I have mapped out the areas (Shown in Yellow Circles) of resistance in the past.
This could be a small pull back, or an actual trend reversal.
Make sure to have SL set incase price decides to go bearish.
I only expect price to reach 38% Fib line or 50% Fib line at most *fingers crossed*
Note
Price has broken past the 14 EMA on its pullback
I still only expect price to reach the 38% Fib (Shown above circled in green), or the 50% Fib line (Shown above with a red rectangle)
I would expect price to bounce off of one of these fibs & continue on its way bullish
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.